CleanSpark Inc (CLSK)
Working capital turnover
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 537,401 | 467,488 | 378,968 | 342,808 | 284,080 | 214,827 | 168,860 | 141,918 | 127,566 | 122,218 | 131,524 | 132,496 | 113,384 | 84,306 | 49,439 | 24,249 | 15,772 | 11,310 | 10,029 | 10,397 |
| Total current assets | US$ in thousands | 947,493 | 1,225,260 | 705,430 | 598,835 | 687,771 | 181,705 | 102,172 | 52,699 | 32,906 | 21,186 | 50,776 | 29,449 | 41,956 | 58,683 | 57,726 | 51,850 | 178,459 | 33,306 | 8,252 | 7,220 |
| Total current liabilities | US$ in thousands | 109,312 | 96,677 | 187,887 | 66,985 | 55,026 | 42,393 | 74,055 | 37,420 | 41,282 | 41,600 | 34,041 | 19,986 | 22,578 | 22,482 | 10,063 | 11,910 | 7,340 | 4,595 | 5,383 | 1,589 |
| Working capital turnover | 0.64 | 0.41 | 0.73 | 0.64 | 0.45 | 1.54 | 6.01 | 9.29 | — | — | 7.86 | 14.00 | 5.85 | 2.33 | 1.04 | 0.61 | 0.09 | 0.39 | 3.50 | 1.85 |
March 31, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $537,401K ÷ ($947,493K – $109,312K)
= 0.64
The working capital turnover ratio for CleanSpark Inc. exhibits notable fluctuations over the analyzed periods. Starting from a ratio of 1.85 on June 30, 2020, the metric increased significantly, reaching a peak of 14.00 on June 30, 2022. This sharp rise indicates an improving efficiency in utilizing working capital to generate sales during this timeframe. The ratio subsequently declined to 7.86 by September 30, 2022, suggesting a decrease in efficiency, potentially due to increased working capital levels or reduced sales activity.
The data for late 2022 and early 2023 are incomplete, with missing values, but the ratios from June 30, 2023 (9.29) through March 31, 2024 (0.45), demonstrate considerable volatility. After reaching approximately 9.29 in June 2023, the ratio sharply declined to 0.45 by March 2024, indicating a significant decline in working capital efficiency. Following this dip, the ratio modestly increased to 0.64 on June 30, 2024, then fluctuated within a narrow range — 0.73 on September 30, 2024, and 0.41 on December 31, 2024 — before rising again to 0.64 by March 31, 2025.
Overall, the pattern indicates periods of both high efficiency, as evidenced by peaks exceeding 10 times the working capital, and periods of considerable decline, with ratios approaching or falling below 1. This volatility suggests varying operational efficiencies or strategic shifts affecting working capital management and sales turnover over time.
Peer comparison
Mar 31, 2025